September 9, 2008
Lund Commences Black Fox Exploration
Lund Gold Ltd. (TSX VENTURE: LGD) ("Lund") is pleased to announce the commencement of gold exploration on the Black Fox property in northwestern Ontario. The first phase program is comprised of detailed geological and geochemical sampling, prospecting, trenching and geophysics followed by diamond drilling.
The Black Fox property is located approximately 225 kilometres east of Thunder Bay and approximately 70 kilometres west of the Hemlo Gold deposit. The Trans Canada Highway (Highway 17) and the national railway cross the southern portion of the property and provide excellent access to the property. High tension power transmission lines cross the property's north boundary.
The property lies within the Schreiber-Hemlo Greenstone Belt which is host to the 25 million ounce Hemlo Gold deposit. The world-class Hemlo deposit was the major gold discovery in Canada during the 1980's, and was for numerous years responsible for almost one third of Ontario's annual gold production.
The Black Fox property contains extensive alteration zones characterized by intense quartz/sericite/pyrite and quartz/fuchsite/pyrite schists associated with shearing which is parallel and sub-parallel to regional structures, and locally associated with gold mineralization and significant high grade gold float samples.
Despite its easily accessible location, only sporadic gold exploration has taken place since the 1890's. Prospector interest resurfaced after Operation Treasure Hunt in 2000 when the Ontario Ministry of Northern Development and Mines ("MNDM") performed regional airborne geophysical surveys over the region. This work led to the discovery by prospectors of gold showings with associated alteration zones along a greater than 2-kilometre south west regional trend crossing the Black Fox property. Of particular note is the discovery of high grade gold float located along this trend, near the centre of the Black Fox property, where sampling and assaying by the Ontario MNDM office in Thunder Bay returned consistent results ranging from 165 to 189 g/t gold. The hydrothermally altered float samples (silica, sericite and iron carbonate with pyrite) consisted of fragile angular blocks that are assumed proximal to their source location.
Garry Clark, P.Geo, Qualified Person as defined by NI 43-101, has reviewed and approved this press release.
To find out more about Lund Gold Ltd. (TSX VENTURE: LGD), visit our website at www.lundgold.com.
On behalf of the Board of Directors of LUND GOLD LTD.
Chet Idziszek, President
This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Contacts: Lund Gold Ltd. David Scott Investor Relations (604) 331-8772 (604) 331-8773 (FAX) Email: [email protected] Website: www.lundgold.com
SOURCE: Lund Gold Ltd.